USDCAD: Prices Still Locked in Familiar Range
USDCAD continues to drift sideways in a narrow range between support at 0.9854 and resistance at 1.0053. A Morning Star candlestick pattern has been formed, but its implications are suspect considering it is occurring without a strong trend to precede it (typically required for a valid a valid reversal pattern). We see no compelling opportunities here for now and will remain on the sidelines until the pair resolves a clear directional bias.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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